The Supreme Court of India asked why the country’s central government cannot formulate a “clear” policy on cryptographic regulations, the economic time reported on Monday.
Judge Surya Kant and N Kotiswar Singh said that there was “a parallel submarket” for cryptocurrency that can affect the economy.
“Why does the center not come out of a clear policy on cryptocurrency regulation?” They posed. “By regulating cryptocurrency, you can keep an eye on the job.”
Judge Kant added that trading Bitcoin (BTC) is “more or less illicit trade like a Hawala company”, referring to a term used for the informal transfer of money from one place to another without the real movement of physical money. Hawala transactions are illegal in India.
The judges asked their question to the additional general solicitor Aishwarya Bhati, who asked to ask for instructions on the issue. They spoke by hearing a deposit request filed by Shailesh Babulal Bhatt, a resident of Gujarat accused of fraud linked to the crypto.
Bhati said Bhatt was one of the BTC’s largest sales representatives in Gujarat, victimizing other people with high yield promises.
However, the court said that he could not determine whether Bhatt was a victimizing or victim, moving the government’s inability to propose a clear regime regulating cryptocurrency.
The Government of India planned to publish a discussion document describing its position of cryptographic policy by September of last year, although this has not yet materialized.
A senior official said in February that the delay was due to plans to examine the effect of more user-friendly cryptocurial policies under President Trump.
